News

Final Fiduciary Regulations Signal Industry-Wide Changes

(April, 6, 2016) On Wednesday, April 6, 2016, the Department of Labor (DOL) released the highly anticipated "Conflicts of Interest Rule" (aka Fiduciary Rule). This comprehensive package of sweeping regulatory reforms will fundamentally restructure the ground rules for both companies and individuals who provide products and/or services to retirement plan sponsors, plan participants, and IRA owners.

While the final rule retains the core provisions of the proposed rule (published in April 2015), it includes a number of substantive modifications made in response to the unprecedented level of feedback received on the proposed rule (both pro and con) from congressional members, financial service organizations, industry trade groups and investor advocacy groups.

While the rules impact on product and service providers will vary, this comprehensive reform ushers in an era of transformation within the retirement services industry that will impact virtually all retirement service providers including banks, brokerage firms, mutual fund companies, insurance companies, and third-party service providers.

Click here to access the DOL web page where the Final Rule, explanatory items associated with the final rule, and supporting materials can be found.